12 December 2022
For GSTR9 (F.y. 21-22) Return For the TABLE NO. 6 (A) Total amount of input tax credit availed through FORM GSTR-3B (sum total of Table 4A of FORM GSTR-3B) show ITC 1426300.00(IGST), 306530.00(CGST), 306530.00(SGST) , Note that some ITC i.e. 4530.00(IGST),14300.00(CGST) & 14300.00(SGST) was come form Previous Year ( F.y. 20-21) as per Audit Report which utilized this F.y. 21-22. So F.y. 21-22 GSTR 3B come including this Previous Year(F.y. 20-212) ITC also
Question is for reconciliation purpose in which column show previous year (F,y. 20-21) ITC in GSTR9
07 July 2024
In GSTR-9 for FY 2021-22, when reconciling the input tax credit (ITC) availed through FORM GSTR-3B, including the ITC from the previous financial year (FY 2020-21), you should handle it as follows:
1. **Table 6(A) - Total ITC Availed**: - Include the total amount of ITC availed through FORM GSTR-3B for FY 2021-22 in Table 6(A). - This includes both current FY 2021-22 ITC and any ITC carried forward from the previous FY 2020-21 that was utilized during FY 2021-22.
2. **Reconciliation of Previous Year ITC**: - The ITC from the previous year (FY 2020-21) that was utilized in FY 2021-22 should be reconciled under appropriate disclosures. - Typically, such adjustments are shown under Part IV of GSTR-9, which deals with the details of amendments of taxes paid during the previous financial year.
3. **Specific Columns for Previous Year Adjustments**: - While there isn't a specific column named "Previous Year ITC" in GSTR-9, you should report these adjustments under the relevant sections where adjustments and reconciliations are required. - Part IV of GSTR-9 specifically addresses amendments of taxes paid in previous financial years. Here, you can disclose any adjustments related to ITC carried forward and utilized from FY 2020-21 to FY 2021-22.
4. **Detailed Explanation**: - Provide a detailed explanation in Part IV regarding the utilization of ITC from the previous financial year and how it has been accounted for in FY 2021-22. - Mention the amount of ITC carried forward from FY 2020-21, utilized during FY 2021-22, and any discrepancies or adjustments made.
5. **Consultation with Tax Advisor**: - It's advisable to consult with a tax advisor or GST professional to ensure that the reconciliation of ITC and the disclosure in GSTR-9 are accurate and comply with GST regulations. - They can provide specific guidance based on your business's circumstances and help ensure that all necessary disclosures are made correctly.
By following these steps, you can effectively reconcile and report the ITC availed from the previous year (FY 2020-21) in your GSTR-9 for FY 2021-22, ensuring compliance and accurate reporting.
CAclubindia
